Financial Measures of the Non-shelter Benefits of Neighbourhood Renewal Programs A Quasi-Experimental Approach

Wood, G and Cigdem, M 2013, 'Financial Measures of the Non-shelter Benefits of Neighbourhood Renewal Programs A Quasi-Experimental Approach', in Steven Rowley, Rachel Ong & Sanna Markkanen (ed.) Proceedings of the 7th Australasian Housing Researchers Conference Refereed Proceedings, Fremantle, Australia, 6 - 8 February, 2013, pp. 1-15.


Document type: Conference Paper
Collection: Conference Papers

Title Financial Measures of the Non-shelter Benefits of Neighbourhood Renewal Programs A Quasi-Experimental Approach
Author(s) Wood, G
Cigdem, M
Year 2013
Conference name 7th Australasian Housing Researchers: Conference: 'Housing the Needs of Diverse Populations'
Conference location Fremantle, Australia
Conference dates 6 - 8 February, 2013
Proceedings title Proceedings of the 7th Australasian Housing Researchers Conference Refereed Proceedings
Editor(s) Steven Rowley, Rachel Ong & Sanna Markkanen
Publisher Curtin University
Place of publication Bentley, Western Australia
Start page 1
End page 15
Total pages 15
Abstract In this paper we implement a robust quasi-experimental methodological design to evaluate Victoria's Neighbourhood Renewal (NR) program. NR's main objective is to tackle disadvantage in neighbourhood areas with concentrations of public housing. This paper draws on housing attributes recorded in the Victoria-General's Transactions and Valuations datasets and applies propensity score techniques combined with a difference-in-difference estimator to measure the impact of seven NR program sites. These quantitative techniques are used to arrive at financial measures of the non-shelter benefits (housing externalities) generated by renewal programs. It is the first study to apply quasi-experimental techniques in Australian housing and urban studies. Our findings suggest that five NR sites generate a housing externality benefit of $372m, and an increase in total stamp duty revenues of $5.3m. Benefit/cost measures indicate a positive multiple with average externality gains of $2.2 for every dollar invested over a nearly 10 year period 2002 - 2011.
Subjects Econometrics not elsewhere classified
Housing Markets, Development, Management
Keyword(s) Neighbourhood Renewal
propensity score method
ISBN 9780646909226
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